Investment Rating - The report maintains a positive investment outlook for the storage industry, highlighting potential recovery and growth opportunities in various segments [2]. Core Insights - The storage industry is experiencing a significant divergence in performance across different segments, with high-end storage products showing resilience while consumer products have reached cyclical lows [6][11]. - The supply-demand dynamics are improving due to targeted production cuts by manufacturers, leading to potential price inflection points for certain NAND products [6][40]. - High-end storage demand remains robust, with domestic manufacturers accelerating the pace of domestic substitution in the high-end storage sector [6][52]. - The trend of increasing storage capacity in edge devices is solidifying, driven by the integration of AI models into consumer electronics [6][52]. Summary by Sections 1. Industry Performance Divergence - The storage industry exhibits strong cyclicality, with high-end storage demand and prices on the rise, while consumer storage prices are under pressure [11][12]. - NAND prices have been particularly weak compared to DRAM, with some products reaching cyclical lows [14][22]. 2. Supply-Demand Dynamics - Targeted production cuts by major manufacturers are leading to an improved supply-demand balance, with some NAND products nearing price recovery [6][40]. - Inventory levels are approaching healthy thresholds as manufacturers actively reduce stock [44]. 3. High-End Storage and Domestic Substitution - Capital expenditures from major cloud service providers are expected to drive continued growth in high-end storage demand, particularly for HBM and eSSD products [52][53]. - Domestic manufacturers are making significant strides in high-end storage technology, with products that rival those of international competitors [57][58]. 4. Edge Storage Expansion and Innovation - The integration of AI into consumer devices is driving increased storage capacity requirements, with notable growth in DRAM capacities for AI-enabled smartphones and PCs [6][52]. - Innovations such as integrated storage solutions are emerging to meet the demands of edge computing [7]. 5. Investment Recommendations - The report suggests focusing on companies benefiting from the recovery in consumer storage, advancements in high-end storage, and innovations in edge storage solutions [8]. - Specific companies to watch include Jiangbolong, Baiwei Storage, and Demingli among storage module manufacturers, and Zhaoyi Innovation and Puran among niche storage chip manufacturers [8].

本报告阐述了基础化工板块一周行情走势、产品价格及价差变化、重点推荐子 行业及公司。 板块整体走势 3 月第 2 周化工板块（申万）上涨 1.58%，上证 A 指上涨 1.39%，板块领先 大盘 0.19 个百分点。涨幅排名前 5 的个股分别为：诺普信（+16.03%），神 剑股份（+13.66%），新金路（+12.14%），柳化股份（+11.46%），国泰 集团（+11.31%）；跌幅排名前 5 的个股分别为：航锦科技（-5.81%），吉 林化纤（-5.73%），永太科技（-4.89%），万盛股份（-4.88%），金发科技 （-4.57%）。此外，本周化工板块（申万）动态 PE 为 24.72 倍，低于 2015 年来的平均 PE 9.59%。 细分子行业走势 证券研究报告 | 行业定期报告 2025 年 03 月 17 日 硫磺、硫酸价格持续上涨，建议关注 DVA 产品推广情况 招商化工行业周报 2025 年 3 月第 2 周 周期/化工 3 月第 2 周化工行业有 29 个子行业上涨，3 个子行业下跌。上涨子行业前五 是：维纶（+10.28%），磷肥（+6.13%），钾肥（+5.9%），日用化学产品 （+ ...

证券研究报告 | 行业深度报告 2025 年 03 月 16 日 千帆竞渡，百舸争流 消费机器人系列之一：割草机器人深度报告 消费品/家电 年初以来，割草机器人一级市场融资加速，宝时得 2024/12 和 2025/2 分别获得 2.5 亿/2500 万美元融资，汉阳科技 2025/3 完成 2 亿元 B 轮融资，不仅标志着产 业进入加速渗透阶段，更意味着市场竞争进入淘汰赛阶段，我们从技术降本路 径、功能集成、经济替代性等多维度探讨割草机器人市场发展潜力，并对行业 竞争要素做总结分析。 推荐（维持） | 行业规模 | | 占比% | | --- | --- | --- | | 股票家数（只） | 88 | 1.7 | | 总市值（十亿元） | 1904.7 | 2.1 | | 流通市值（十亿元） | 1804.8 | 2.2 | 行业指数 % 1m 6m 12m 绝对表现 7.3 43.8 21.9 相对表现 5.5 17.0 9.5 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 Mar/24 Jul/24 Oct/24 Feb/25 (%) 家电 沪深300 相关报告 1、《2025 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][7] Core Views - The company experienced a revenue decline of 16.07% in 2024, with a total revenue of 1.971 billion yuan and a net profit of -96 million yuan, transitioning from profit to loss [1][6] - The company is expected to benefit significantly from the recovery of the film industry in 2025, with projected net profits of 231 million yuan, 255 million yuan, and 281 million yuan for 2025, 2026, and 2027 respectively [7][8] Financial Performance Summary - In 2024, the company's film screening and related businesses generated 1.769 billion yuan in revenue, a decrease of 19.58% year-on-year, with box office revenue of 1.657 billion yuan, down 20.51% [6] - The overall film market in China saw a decline in box office revenue to 42.502 billion yuan in 2024, a drop of 22.6% from 2023 [6] - The company maintained a market share of 3.77% in cinema operations, an increase of 0.15 percentage points year-on-year, with a total of 541 cinemas in operation by the end of 2024 [6] Future Outlook - The film market is expected to rebound in 2025, with the Spring Festival box office reaching 9.514 billion yuan, a year-on-year increase of 18.69% [6][7] - The company is well-positioned to capitalize on this recovery due to its strategic focus on lower-tier cities and active participation in film production and distribution [7]

证券研究报告 | 公司深度报告 2025 年 03 月 16 日 金沃股份（300984.SZ） 主业拐点出现，人形机器人与绝缘轴承打开空间 TMT 及中小盘/中小市值 技改大幅降低公司原有产品成本，市场集中度将快速提升。机器人+绝缘轴承打 开第二增长曲线，公司进入快速发展轨道。 ❑传统轴承套圈行业市场规模大，公司成本优势开始显现，后续进入快速发展阶 段。据 Grand View Research 数据，2022 年全球轴承市场规模达 1302 亿美 元，同比上涨 7.3%，行业增长动力强劲。由于套圈平均价值约占成品轴承的 35%左右，据我们测算，2022 年轴承套圈全球市场规模约 456 亿美元，市场 空间广阔。行业集中度较低，同质化严重。公司过去 3 年持续加大技术研发投 入，目前已经基本完成从上游原材料钢管到套圈产线无人化，公司产品成本全 球领先。预计公司海外客户收入快速增长的同时国内客户也将开花结果，预计 未来收入增速有望上升到 20-30%。 ❑风险提示：原材料价格波动风险、国际贸易保护政策引致的境外市场销售风 险、机器人量产进展不及预期 财务数据与估值 | 会计年度 | 2022 | 2023 | ...

证券研究报告 | 行业定期报告 2025 年 03 月 16 日 "AI+数据要素"有望挖掘数据变现新潜力 计算机周观察 20250316 TMT 及中小盘/计算机 我们认为 AI 跟数据要素结合有望诞生数据变现新方式，当前国家统筹数据侧、 算力侧基础设施发展，国产 AI 全产业链面临历史性成长机遇，继续重点关注 AI Infra、国产算力、AI 应用、数据要素重点环节等布局机会。 ❑ 风险提示：政策落地不及预期；AI 发展不及预期；行业竞争加剧风险。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 283 | 5.6 | | 总市值（十亿元） | 3910.6 | 4.4 | | 流通市值（十亿元） | 3408.9 | 4.2 | 行业指数 % 1m 6m 12m 绝对表现 3.9 90.7 45.0 相对表现 2.2 63.9 32.6 资料来源：公司数据、招商证券 -40 -20 0 20 40 60 Mar/24 Jul/24 Oct/24 Feb/25 (%) 计算机 沪深300 相关报告 1、《国产大模型及 Agent 发力，AI ...

Investment Rating - The report maintains a "strong buy" rating for Alibaba, JD.com, Pinduoduo, and Vipshop in the e-commerce sector, and for Meituan in the local life services sector, as well as for Didi Chuxing in the ride-sharing sector [16][17][18]. Core Insights - The restaurant and tourism sector index rose by 2.53%, outperforming the Shanghai Composite Index (up 1.59%) and the ChiNext Index (up 0.97%) [5][6]. - The retail sector index increased by 3.05%, also outperforming both the Shanghai Composite Index and the ChiNext Index [5][6]. - The e-commerce competition landscape is better than expected, with leading companies' valuations at low levels [16]. - Ctrip's outbound tourism and overseas business continue to show high growth, with a focus on the recovery of outbound tourism and overseas market expansion [19]. - The local life services sector shows significant profit elasticity, with Meituan being a key recommendation [17]. - Didi Chuxing is expected to maintain stable growth and has significant profit growth potential due to its established market share and operational efficiencies [18]. Summary by Sections E-commerce Sector - The competitive landscape is less concerning than previously thought, with expected profit growth for major players [16]. - Alibaba's e-commerce monetization rate has significantly improved, with a target price of 156-190 HKD per share [19]. - JD.com is expected to maintain high single-digit revenue growth, with a target price of 193-232 HKD per share [19]. - Vipshop's performance is driven by improved consumer sentiment and platform advantages, with a target price of 19.5 USD [19]. Local Life Services - Meituan's core business is expected to show resilience and profit release, with a target price of 176.8 HKD per share [17]. Ride-sharing Sector - Didi Chuxing is projected to have a significant profit growth potential, with a focus on both domestic and international markets [18]. Tourism Sector - Ctrip's revenue and profit have exceeded market expectations, with a projected revenue growth of 14%-15% for 2025 [19]. - The Ministry of Commerce plans to launch over 120 promotional activities to boost restaurant consumption [24]. Retail Sector - The retail sector is seeing a shift towards quality retail, with companies like Yonghui Supermarket focusing on enhancing consumer trust and service quality [17].

证券研究报告 | 行业定期报告 2025 年 03 月 16 日 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 233 | 4.6 | | 总市值（十亿元） | 4228.0 | 4.8 | | 流通市值（十亿元） | 3938.3 | 4.9 | 行业指数 % 1m 6m 12m 绝对表现 11.1 47.5 28.8 相对表现 9.4 20.7 16.3 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 Mar/24 Jul/24 Oct/24 Feb/25 (%) 金属及材料 沪深300 相关报告 1、《金属行业周报—宏观情绪转暖， 库存拐点初现》2025-03-09 金锑创新高，供应扰动推动锡价大涨 金属行业周报 周期/金属及材料 美国关税问题继续影响着有色金属市场，海外价格强势带动国内。供应干扰和 消费疲弱预期落空，金属普遍强势。金属库存持续去库，去库周期巩固。关注 下游消费旺季能否续能。持续推荐铝铜金等中长线投资价值，低估值和行业强 贝塔提供足够的安全垫。供应干扰明显，消费超预期的锑锡等品种，机器人和 AI 等带动 ...

点评： 风险提示：政策监管变化、培训需求不及预期、公司转型不及预期 证券研究报告 | 行业简评报告 2025 年 03 月 14 日 AI+教育加速落地，多地育儿补贴落地 教育行业点评 TMT 及中小盘/传媒 事件： 2024 年 10 月 28 日国务院发布《关于加快完善生育政策体系推动建设生育友好 型社会的若干措施》，从 4 方面提出系列生育支持措施。其中，第三条提出扩 大优质教育资源供给，支持中小学校积极开展课后服务和社会实践项目。2025 年 3 月 13 日内蒙古呼和浩特发布育儿补贴细则。25 年 3 月 1 日起实施，生育 一孩补贴 1 万；二孩补贴 5 万，分 5 年平均发放；三孩补贴 10 万/分 10 年平均 发放。此前济南、长沙、沈阳、哈尔滨等地相继落地生育刺激政策。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 164 | 3.2 | | 总市值（十亿元） | 1779.8 | 2.0 | | 流通市值（十亿元） | 1609.1 | 2.0 | 行业指数 % 1m 6m 12m 绝对表现 -2.3 53.0 18.3 相 ...

证券研究报告 | 行业深度报告 2025 年 03 月 15 日 存储等行业周期边际复苏，设备、模拟等公司并购整合加速 半导体行业月度深度跟踪 TMT 及中小盘/电子 半导体部分领域周期边际复苏，部分消费级存储产品价格有望在 25Q2 触底反 弹，AI 端侧 SoC 厂商业绩亮眼，2025 年部分模拟和特种 IC 公司业绩有望边际 改善；近期半导体设备、模拟等行业并购整合进程加速，半导体细分产业进入 发展新阶段。建议关注景气周期边际复苏的存储板块、受益于国内 AI 生态发展 的国产算力芯片、并购整合进展加速的设备/模拟等环节、AI 端创新加速的 SoC 等环节、自主可控需求相对迫切的先进制造/设备/零部件/材料等上游环节，同 时建议关注各科创指数和半导体指数核心成分股，景气复苏趋势下把握业绩增 长有望延续的公司。 2、库存端：不同类型芯片客户库存表现分化，工业类模拟库存呈好转迹象。 全球手机链芯片大厂 24Q4 库存环比微增/库存周转天数环比微降，PC 链芯片 厂商英特尔、AMD 24Q4 库存和 DOI 环比上升，英特尔表示 PC 行业库存去 化仍在进行，AMD 表示 Q4 微软和索尼还在持续致力于减少渠道 ...